Melco Resorts & Entertainment expands into Europe with launch of Cyprus resort

Asian casino operator Melco Resorts & Entertainment has embarked on its European journey with the inauguration of an entertainment and gaming destination in Cyprus. The introduction of the "City of Dreams Mediterranean" marks a significant milestone for Melco as it endeavors to explore new markets beyond its traditional Asian strongholds.

With an investment exceeding 600 million euros ($659.46 million), the "City of Dreams Mediterranean" stands as one of the most substantial development endeavors in Cyprus. Melco anticipates an influx of about 300,000 additional visitors annually to the island nation with the introduction of this venture.

While Melco has established a robust presence in Macau and Manila, Lawrence Ho, the chairman and CEO of Melco, sees the Cyprus project as an opportunity to unlock new markets. Ho emphasized Cyprus's strategic geographical location, situated at the convergence of three continents, and its allure with its inviting climate and picturesque beaches.

Located on the outskirts of Limassol, the resort complex encompasses a luxurious hotel, venue space, eight restaurants, extensive recreational facilities including a sprawling pool complex and spas, and an array of retail outlets. Central to the resort's offerings is its gaming area, boasting the title of the largest casino in Europe, covering an area just over the size of a FIFA World Cup soccer pitch.

Ho indicated that Melco's immediate focus is on maximizing the potential of the Cyprus project before contemplating further expansion into Europe. Despite the challenges posed by the COVID-19 pandemic, Ho expressed optimism about the recovery of the tourism and hospitality sector. He highlighted the resurgence of tourist activities in Macau and Manila, with business operations gradually approaching pre-pandemic levels.

"We have seen a return of tourists into Macau. Our venture in Manila has recovered very nicely... but even in Macau things are returning, I think to about 90% of pre-COVID levels," said Ho.